1978 History/Videos

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1978 Following on from the oil crisis Japanese
car Imports account for half the US import market. The first first ever
Cellular Mobile Phone is introduced in Illinois and Space Invaders appears
in arcades Launching a Craze for Computer Video Games . Sweden is the
first country in the world to recognize the effect of aerosol sprays on
the Ozone Layer and bans the sale. The Serial killer David Berkowitz,
"Son of Sam," is convicted of murder after terrorizing New York
for 12 months. 1978 is also a great year for movies with Greace, Saturday
Night Fever and Close Encounters of the Third Kind all showing in Movie
Theatres around the world.

Cost of Living 1978

How Much things cost in 1978
Yearly Inflation Rate USA 7.62%
Year End Close Dow Jones Industrial Average 805
Interest Rates Year End Federal Reserve 11.75%
Average Cost of new house $54,800.00
Average Income per year $17,000.00
Average Monthly Rent $260.00
Cost of a gallon of Gas 63 cents
1LB of Bacon $1.20
Dozen Eggs 48 Cents

What Events Happened in 1978

Camp David Peace
Treaty Egypt makes peace with Israel

Public Service strikes in UK
causes major disruption to all services

After nearly 30 years The Volkswagen Beetle
stops production having manufactured 20 million cars

Worldwide Unemployment rises after
several decades of near full employment

Gold reaches an all time high of $200.00
per ounce

The US Dollar plunges to record low
against many European currencies

The Japanese car Imports account for
half the US import market following the energy crisis and increase in
fuel prices that fuels demand for economy cars

The European Court of Human Rights finds the
United Kingdom government guilty of mistreating prisoners in
Northern Ireland

Sweden becomes the first nation to ban aerosol
sprays that are thought to damage earth's protective ozone layer.